Mercer Times

Attorney General Matthew J. Platkin announced today that a state grand jury has indicted two Middlesex County men for allegedly defrauding investors out of approximately $6.7 million through the use of sham companies and false identities. The defendants, Shahid Javed, 39, of Old Bridge, New Jersey, and Wilfredo Topacio, 64, of Woodbridge, New Jersey, are accused of promising large guaranteed returns from investments in fuel products but instead diverting investor funds for personal benefit.

The indictment charges Javed and Topacio with first-degree conspiracy, second-degree theft by deception, two counts of second-degree securities fraud, three counts of misconduct by a corporate official, three counts of second-degree impersonation, and two counts of first-degree money laundering. Additionally, Javed faces a separate count of second-degree passing a bad check to an investor during the alleged scheme. The fraudulent activities are said to have occurred from March 2018 through April 2023.

According to the indictment, the defendants created the false impression that invested funds were being used by legitimate business ventures to purchase and sell fuel products for substantial profits and guaranteed returns. They allegedly defrauded investors into purchasing $1.1 million in investment contracts with Prime Petroleum, LLC (“Prime Petroleum”) and $5.6 million in investment contracts with Petro Traders Group, LLC (“Petro Traders”). Instead of generating profits as claimed, the defendants allegedly operated these entities as sham companies and used investor funds for personal expenses such as purchasing expensive vehicles and making payments to friends and family.

The indictment further alleges that Javed and Topacio laundered the funds through bank accounts and corporate entities they controlled to pay over $500,000 in purported investment returns using investors’ money to maintain the illusion that their investments were yielding returns.

“Investment-fraud schemes prey on vulnerable victims with empty promises of huge profits and guaranteed returns,” stated Attorney General Platkin. “These defendants allegedly worked together to orchestrate a multi-faceted investment-fraud scheme that took advantage of New Jersey investors for several years. The time has come for them to be held accountable.”

Legal Chief Pablo Quiñones of the Office of Securities Fraud and Financial Crimes Prosecutions (OSFFCP) added: “These defendants allegedly took advantage of investors by duping them into investing millions of dollars into sham companies and then diverted invested money to line their own pockets and to pay other personal expenses. Cases like this one are a top priority for the Division of Criminal Justice.”

Deputy Attorney General Conner Ouellette within OSFFCP is handling this matter under the supervision of Deputy Bureau Chief Adam Heck and Deputy Legal Chief Brendan Stewart.

The investigation was conducted by DCJ detectives including Detective Nicholas Wiemken, Civil Investigator Gina Lemanowicz-Pusloski, Special Investigator Sean McCarthy under Lt. Cheryl Smith's supervision. The OSFFCP acknowledged assistance from the Woodbridge Police Department.

The investigation into other individuals involved in the scheme as well as potential victims remains ongoing. Anyone with pertinent information is encouraged to report via DCJ’s tip line at (800) 277-2427 or OSFFCP’s complaint email at OSFFCP@njdcj.org.

As is standard procedure with all criminal defendants, the charges in the indictment are merely accusations until proven guilty.

Defense attorneys: Unknown